Fifth Street Capital Mergers and Acquisitions Summary

Profile

Fifth Street Capital’s most common sectors for investment arehealthcare services (17%) and information technology (7%) . The Firm’s most common investment types include buyout (lbo, mbo, mbi) (37%) and secondary buyout (31%). In total, Fifth Street Capital has invested in 27 US states and 2 different countries. Its largest (disclosed) acquisition occurred in 2013 when it acquired Ikaria for $1.6B.

In the last 3 years, Fifth Street Capital has exited 11 companies. The Firm’s most common exit type is trade sale (44%). Fifth Street Capital’s largest (disclosed) exit occurred in 2015 when it sold Ikaria for $2.3B.

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M&A Summary

  • M&A Total Activity124
    • M&A Buy Activity73
    • M&A Sell Activity51
  • Total Sectors Invested 28
  • Total Countries Invested 2
  • M&A Buy/Sell Connections 80

Fifth Street Capital LLC

525 Okeechobee, Suite 1770,
West Palm Beach, Florida 33401
United States
(203) 930-2139
www.fifthstreetfinance.com
nmudloff@peppercom.com

Fifth Street Capital is a public investment firm focused on providing mezzanine financing to support expansions, acquisitions, recapitalizations, and management buyouts of middle-market US based companies. Fifth Street looks to invest between $5 and $50 million per transaction. Sectors of interest include consumer products, healthcare services, manufacturing, medical device manufacturing, food services, business services, restaurants, speciality retail, logistics, and value added distribution. Fifth Street Capital is based in White Plains, New York.


Investment Criteria

Sectors of Interest: Aerospace, Building Materials, Business Services, Chemicals, Consumer Products, Consumer Services, Defense, Distribution, Education, Energy Services and Equipment, Food, Furniture, Healthcare Services, Leisure, Machinery, Manufacturing, Marketing, Medical Products, Plastics, Restaurants, Retail, Safety/Security, Software, Transportation

Target Transaction Types: Buyout (LBO, MBO, MBI), Secondary Buyout

Geographic Preferences: East US, Midwest US, South US, West US

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA 5 50
Investment Size - -
Enterprise Value - 150
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '16 '17 '18 '19 '20 '21 T
Buy (0.0/yr) # 73 - - - - - 73
vol $3.1B $3.1B
Sell (2.8/yr) # 37 3 7 4 - - 51
vol $5.1B $705M $5.8B
  124

Most Recent M&A

Company Date Value Type
ProSites, Inc. 2019-10-29 - Secondary Buyout
Temecula, California · www.prosites.com
CPS Group Holdings, Inc. 2019-03-27 - Secondary Buyout
Memphis, Tennessee · www.cpspharm.com
Fitness Connection 2019-02-04 - Secondary Buyout
McLean, Virginia · www.fitnessconnectionusa.com.
HealthDrive Corp. 2019-01-03 - Secondary Buyout
Wellesley, Massachusetts · www.healthdrive.com
InMotion Entertainment Group LLC 2018-10-30 - Add-on Acquisition
Jacksonville, Florida · www.inmotionstores.com
OnCourse Learning Corp. 2018-09-17 - Add-on Acquisition
Waukesha, Wisconsin · www.oncourselearning.com
Discovery Practice Management, Inc. 2018-06-15 - Merger
Los Alamitos, California · www.centerfordiscovery.com
Traffic Solutions Corp. 2018-05-17 - Secondary Buyout
Newport Beach, California · www.trafficcontrolandsafety.com
Teaching Strategies LLC 2018-05-15 - Secondary Buyout
Bethesda, Maryland · www.teachingstrategies.com
U.S. Retirement & Benefits Partners, Inc. 2018-04-02 - Secondary Buyout
Iselin, New Jersey · www.usrbpartners.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
BayMark Health Services 2015-10-15 Limestone Health 2020-11-18 17
Lewisville, Texas · www.baymark.com Lafayette, Indiana · www.limestonehealth.com
Specialty Bakers LLC 2010-09-01 Specialty Bakers LLC - Baking Plant 2020-05-18 1
Marysville, Pennsylvania · www.specialtybakers.com Smyrna, Georgia
Express Integrated Technologies LLC 2010-07-30 Express Integrated Technologies LLC - Liquidated Intellectual Property Assets 2017-02-07 1
Tulsa, Oklahoma · www.expresstechtulsa.com Tulsa, Oklahoma

M&A by Sector

Sector Current # Value All-time # Value
Healthcare Services 2 (13%) - 12 (16%) -
Information Technology 1 (6%) - 5 (7%) 628M (20%)
Medical Products - - 5 (7%) 400M (13%)
Business Services 3 (19%) - 5 (7%) -
Consumer Products - - 4 (5%) 135M (4%)
Education 2 (13%) - 4 (5%) -
Internet Software and Services 1 (6%) - 4 (5%) -
Food 1 (6%) - 3 (4%) -
Manufacturing 1 (6%) - 3 (4%) -
Marketing - - 3 (4%) -
Retail 1 (6%) - 3 (4%) -
Building Materials 2 (13%) 19M (100%) 2 (3%) 19M (1%)
Insurance 1 (6%) - 2 (3%) -
Restaurants - - 2 (3%) -
Safety/Security - - 2 (3%) -
Transportation - - 2 (3%) -
Life Science - - 1 (1%) 1.6B (51%)
Automotive - - 1 (1%) 360M (11%)
Chemicals - - 1 (1%) -
Communications - - 1 (1%) -
Consumer Services - - 1 (1%) -
Environmental - - 1 (1%) -
Financial Services 1 (6%) - 1 (1%) -
Leisure - - 1 (1%) -
Machinery - - 1 (1%) -
Media - - 1 (1%) -
Software - - 1 (1%) -
Test/Measurement Equipment - - 1 (1%) -
Total 16 $19M 73 $3.1B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 16 (100%) 19M (100%) 72 (99%) 3.1B (100%)
  Texas 2 (13%) - 9 (12%) 628M (20%)
  California - - 6 (8%) -
  Pennsylvania 3 (19%) - 5 (7%) 400M (13%)
  Georgia 1 (6%) - 4 (5%) -
  Florida 1 (6%) - 4 (5%) -
  Maryland - - 4 (5%) -
  New Jersey 1 (6%) - 3 (4%) 1.6B (51%)
  Missouri 1 (6%) 19M (100%) 3 (4%) 19M (1%)
  New York 1 (6%) - 3 (4%) -
  Arizona 1 (6%) - 3 (4%) -
  Wisconsin 1 (6%) - 3 (4%) -
  Connecticut - - 3 (4%) 135M (4%)
  Illinois - - 3 (4%) -
  Virginia - - 3 (4%) -
  Indiana 1 (6%) - 2 (3%) 360M (11%)
  New Hampshire - - 2 (3%) -
  Massachusetts - - 2 (3%) -
  Kansas 1 (6%) - 1 (1%) -
  Oklahoma 1 (6%) - 1 (1%) -
  Ohio 1 (6%) - 1 (1%) -
  North Carolina - - 1 (1%) -
  Minnesota - - 1 (1%) -
  Michigan - - 1 (1%) -
  Washington - - 1 (1%) -
  Utah - - 1 (1%) -
  Tennessee - - 1 (1%) -
  Rhode Island - - 1 (1%) -
Canada - - 1 (1%) -
  British Columbia - - 1 (1%) -
Total 16 $19M 73 $3.1B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 3 (19%) - 27 (37%) 1.6B (51%)
Secondary Buyout 6 (38%) 19M (100%) 22 (30%) 1.2B (38%)
Recapitalization 3 (19%) - 9 (12%) -
Growth Capital 2 (13%) - 7 (10%) -
Consolidation 1 (6%) - 4 (5%) -
Divestiture 1 (6%) - 3 (4%) 360M (11%)
Stake Purchase - - 1 (1%) -
Total 16 $19M 73 $3.1B

Exits by Deal Type

Type Total # Value
Secondary Sale 20 (39%) 1.1B (19%)
Trade Sale - Public Company 12 (24%) 4.6B (79%)
Trade Sale 10 (20%) 133M (2%)
Bankruptcy 4 (8%) -
Merger 3 (6%) -
Unknown 2 (4%) -
Total 51 $5.8B

Deal Values

buy # Total
> $1B 1 $1.6B
$100M to $1B 4 $1.5B
< $100M 1 $19M
TOTAL $3.1B
Largest Ikaria, Inc.
$1.6B (2013-12-24)
sell # Total
> $1B 2 $3.4B
$100M to $1B 4 $2.2B
< $100M 3 $268M
TOTAL $5.8B
Largest Ikaria, Inc.
$2.3B (2015-04-16)

M&A Connections

Deals
Acquired from
Investor(s)
32%
23 (32%)
Strategic(s)
4%
3 (4%)
Exited to
Investor(s)
39%
20 (39%)
Strategic(s)
49%
25 (49%)

Investor Summary

Size

Mega

PE Assets

5.0B USD

Established

1998

Specialist/Generalist

Generalist

Leadership

Leonard Tannenbaum

Founder, Chairman & CEO

Robyn Friedman

Executive Director & Head of Investor Relations

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